Parlay betting vs Single Bet: Which is Better?
- Greg Kajewski
- 6 days ago
- 12 min read
When it comes to sports betting, the choice between single bets and parlays boils down to risk and reward.
- Single bets: One outcome, lower risk, steady returns. Ideal for those prioritizing consistency and control over their bankroll.
- Parlays: Multiple outcomes combined, higher risk, bigger potential payouts. Best for bettors seeking thrill with small wagers.
Here’s the key difference: single bets are easier to win and manage, while parlays offer larger payouts but require all picks to succeed. Both have pros and cons, so your choice should align with your goals and risk tolerance.
Single vs Parlay vs Round Robin: Which Bet Makes the Most Money? Best bet type (highest ROI)
Quick Comparison
Aspect | Single Bet | Parlay Bet |
Outcomes | One | Multiple (legs) |
Win Requirement | One correct pick | All picks must win |
Risk Level | Lower | Higher |
Payout | Lower | Higher |
Sportsbook’s House Edge | ~5% | 15–25% |
Best For | Consistent returns | High-risk, high-reward |
Single bets are great for disciplined bettors, while parlays can add fun with small stakes. Choose based on your goals and always bet responsibly.
Single Bets Explained
What is a Single Bet?
A single bet, also known as a straight bet, is the simplest form of sports wagering. It involves placing a bet on one specific event, and you win if your prediction is correct.
Your winnings depend entirely on the amount you wager and the odds offered. For instance, if you bet on the Cowboys at –7, your bet wins only if Dallas covers the spread. Similarly, placing a $50 bet on Arsenal to beat Spurs at 10/11 odds would yield approximately $95.45 if Arsenal wins.
Single bets can be placed on various options like point spreads, totals, moneylines, and props. Their simplicity makes them especially appealing to beginners who are just getting started in sports betting.
Benefits of Single Bets
Single bets come with a range of advantages that cater to both new and experienced bettors. One of the biggest benefits is the reduced risk. Unlike parlays, where a single incorrect pick can ruin the entire wager, a single bet only risks the amount you placed on that one event.
Another advantage is their straightforward nature. It's easy to calculate potential returns and understand exactly what needs to happen for your bet to succeed. This clarity helps you manage your stakes more effectively and diversify your bets across multiple games.
At standard odds of -110, breaking even requires winning just 52.4% of your bets. This makes single bets a practical option for those aiming for long-term sustainability in their betting strategy.
"Regardless of your bankroll or risk tolerance, a single or straight bet is consistently the best way to wager on sporting events." – Patrick Cwiklinski, Sportsbook Expert
Single bets also make bankroll management simpler. By spreading your wagers across different events, you reduce the risk of losing your entire budget on one high-stakes bet. This approach promotes steady returns and helps you maintain better control over your funds.
Because of these benefits, single bets are an excellent choice for those who prefer cautious, methodical betting strategies.
When to Use Single Bets
Single bets are particularly well-suited for bettors who prioritize steady, consistent returns over the thrill of high-risk, high-reward scenarios. When used wisely, they can be a reliable tool for achieving long-term profitability, with realistic returns often falling in the 5–10% range.
These bets are most effective when you focus on individual matchups that you’ve researched thoroughly. For example, if you’ve analyzed a game by considering factors like injuries, weather conditions, or team performance, a single bet allows you to capitalize on your insights without spreading your risk across multiple outcomes.
Additionally, single bets encourage disciplined betting habits. By wagering within your limits, you avoid the temptation to chase losses and can allocate more funds to opportunities where you have the strongest edge. This disciplined approach aligns with sound bankroll management, making single bets a practical choice for those aiming for consistent, long-term gains.
To maximize your results, specialize in a specific sport or niche. Seek out reduced vig opportunities, compare odds across different bookmakers, and keep detailed records of your bets. These practices can help you identify trends, refine your strategy, and avoid repeating costly mistakes.
Parlay Betting Explained
What is Parlay Betting?
Parlay betting combines multiple bets into a single wager, offering the chance for higher payouts but with increased risk. Unlike single bets, where you only need one outcome to win, a parlay requires every selection to hit. If even one pick is wrong, the entire bet is lost. For example, if you combine three game outcomes into a parlay, your potential payout increases significantly, but so does your risk.
Here’s an idea of the potential: a $100 bet on a successful 4-leg parlay at standard -110 odds could pay out $1,331. Compare that to just $191 from a single bet, and it’s easy to see the appeal.
Benefits of Parlay Bets
Parlays are popular because they offer the possibility of turning small bets into big payouts. When multiple predictions align, the rewards can be thrilling - far beyond what single bets can provide.
Number of Legs | American Odds | $100 Bet Payout | Win Probability |
2 | +265 | $365 | 27.4% |
3 | +597 | $697 | 14.37% |
4 | +1231 | $1,331 | 7.53% |
5 | +2442 | $2,542 | 3.94% |
6 | +4741 | $4,841 | 2.07% |
This table shows typical payouts for NFL parlays, highlighting how quickly potential winnings can grow with each added leg.
Parlays also let you consolidate your confidence in multiple outcomes into a single bet. If you feel strongly about several games, combining them into a parlay can maximize your potential profit without spreading your bankroll across separate wagers.
That said, the high reward comes with equally high risk.
Risks of Parlay Betting
The more legs you add to a parlay, the harder it becomes to win. Even if you have a 55% success rate on individual bets, your chances of hitting a 4-leg parlay drop to about 9.2%.
The house edge also grows with each additional leg. In 2023, Illinois sportsbooks reported an 18.2% hold on parlays compared to just 4.9% for straight bets. This stark difference underscores how parlays are structured to favor the sportsbook.
Dr. Timothy Fong, Clinical Professor of Psychiatry at UCLA's Institute for Neuroscience and Human Behavior, compared same-game parlays to slot machines, saying:
"From what I understand, the same game parlay now is the dominant form of sports betting wager. In my mind that is like a slot machine bet. It's not like a single bet on a winner or loser."
When to Use Parlays
Parlays are best viewed as a form of entertainment rather than a reliable betting strategy. They can make watching games more exciting, especially when you’re wagering a small, manageable amount. For instance, a $10 parlay on three games can add a layer of fun without putting your bankroll at serious risk.
These bets are particularly appealing during special events like playoffs or championship games, where the stakes and excitement are naturally higher. However, because parlays are notoriously difficult to win consistently and require a higher success rate to be profitable, they should only make up a small portion of your overall betting activity. Focus on enjoying the thrill they bring rather than relying on them for steady returns.
Parlay vs Single Bet: Direct Comparison
Comparison Table
Aspect | Single Bet | Parlay Bet |
Number of Outcomes | One | Multiple (legs) |
Win Requirement | One correct pick | All legs must win |
House Edge | ~4.54% at a Book (or 0% on BettorEdge) | Increases per leg |
Risk Level | Lower | Higher |
Payout Potential | Lower | Much higher |
Complexity | Simple analysis | Complex multi-game analysis |
Beginner Friendly | Yes | No |
Bankroll Impact | Gradual | Can be significant |
The house edge grows with each additional leg in a parlay, as shown below:
Number of Legs | American Odds | Hold Rate |
2 Legs | +264 | 8.88% |
3 Legs | +596 | 13.02% |
4 Legs | +1228 | 16.97% |
In New Jersey, during September 2024, the hold percentage on parlays hit 24.2%, compared to just 4.4% for other bet types. This stark contrast underscores how much more lucrative parlays are for sportsbooks.
Key Differences
The main distinction between single bets and parlays lies in the balance between risk and reward. Single bets provide consistent, lower-risk returns, while parlays offer the allure of massive payouts but come with a much higher likelihood of losing your entire wager.
Complexity is another dividing factor. Single bets are straightforward, focusing on one game or outcome, which makes them easier for beginners. Parlays, on the other hand, require evaluating multiple games simultaneously. With each added leg, the difficulty - and risk - multiplies.
There’s also a psychological component. Losing a single bet is manageable, but with parlays, even if you get four out of five picks right, the entire bet is a loss. That kind of near-miss can be frustrating, especially for those new to betting.
From a bankroll perspective, single bets are ideal for steady, conservative growth. Parlays, however, cater to bettors chasing bigger thrills and rewards, often at the expense of long-term profitability. Betting analyst Captain Jack Andrews highlights this challenge:
"The typical bettor is betting into negative-EV situations, and they are compounding that edge and making it harder for themselves to win in the long run."
Despite the risks, parlays remain incredibly popular. In 2023, they made up 70% of all NFL and NBA bets on FanDuel, with parlay volume growing by 65% since 2019.
For seasoned bettors, single bets are the smarter choice for long-term success and better bankroll management. But for casual bettors, small parlay wagers can add some excitement without risking too much. The key is knowing your goals and understanding how much risk you’re willing to take.
Risk Management and Tips
Managing risk is just as important as picking the right bets. Whether you're into single bets or parlays, having a solid strategy ensures you can weather the ups and downs of betting while aiming for long-term success.
Managing Risk with Single Bets
Single bets give you the most control over your bankroll, making them great for consistent, steady growth. The key? Smart bet sizing and disciplined bankroll management.
A common rule is to risk only 1–5% of your total bankroll on each single bet. For example, if your bankroll is $1,000, your individual bets should range from $10 to $50. This approach helps protect you from significant losses during inevitable losing streaks.
Using a staking plan can also guide your bet sizes in different situations. For instance, a flat betting strategy keeps your wager amounts consistent, while the fractional Kelly criterion adjusts bets based on confidence levels, reducing volatility.
Diversifying your bets is another smart move. Instead of focusing on one sport or league, spread your wagers across multiple markets and sports. This way, you're less affected by surprises in any single area.
It's also important to set limits. Decide on the maximum number of bets you’ll place per day, cap your daily losses, and stick to a limit for individual wagers. These boundaries help you stay disciplined and avoid emotional decisions, whether you're on a winning streak or a losing one.
Next, let’s look at how risk management changes when dealing with parlays.
Managing Risk with Parlays
Parlays, with their all-or-nothing nature, demand a different approach to managing risk. The first rule? Keep the number of legs in your parlay to a minimum.
When building parlays, focus only on high-confidence picks. Don’t add extra legs just to chase a bigger payout - every selection should be a bet you'd feel comfortable making on its own. You can also look for logical correlations between your selections. For instance, if you bet on a team to win, pairing it with the over on total points often makes sense.
Hedging is another important tactic, especially when you're close to hitting a big payout. For example, if you’ve won four legs of a five-leg parlay, you can hedge on the final leg to secure some profit.
Sportsbook promotions designed for parlays can also provide value. And because parlays have higher variance, it’s wise to keep your stakes small - limit them to 1–2% of your bankroll per parlay to manage the inevitable swings.
Modern tools can make risk management easier, and BettorEdge offers some unique features to help.
How BettorEdge Helps
BettorEdge stands out with its no-vig model, which removes the usual 4.54% house edge on single bets. This means you can bet up to $100 per month without any edge.
The platform also offers social betting features that promote transparency and learning. By following successful bettors in the community, you can pick up strategies that work and avoid common mistakes. The real-time social feed shows what others are betting on, helping you spot trends and uncover potential value.
BettorEdge’s advanced analytics tools are another game-changer. You can track your performance across different types of bets, leagues, and time periods. Key metrics like Net Profit/Loss, ROI, Average Win Amount, and Current Portfolio Value give you a clear picture of your strengths and areas for improvement.
For those looking for even more tools, the premium subscription offers features like External Market Pricing and Premium Order Grading. These help you identify when you’re getting better odds than the broader market, ensuring you're always betting with an edge.
One of BettorEdge’s standout features is its peer-to-peer marketplace, where you can buy and sell bets during their lifecycle. This flexibility allows you to cash out early on winning bets or cut your losses on bets that aren’t going as planned - something traditional sportsbooks don’t offer.
With comprehensive performance tracking, BettorEdge automatically categorizes your bets by league, type, and outcome. This makes it easy to see which areas are working for you and which ones might need a second look.
Which Strategy is Right for You?
When deciding between single bets and parlays, it all comes down to your goals and appetite for risk. Are you looking for steady, controlled profits? Or are you chasing the thrill of a big payout with a small wager?
Single bets are ideal for those aiming for consistent returns and better control over their bankroll. They allow you to rely on data-driven insights, helping you build long-term gains over time. On the other hand, parlays, often placed with smaller amounts like $5–$20, offer the allure of higher rewards but come with significantly more risk. The catch? Every selection in the parlay must win for you to collect.
With single bets, you’re less likely to experience the emotional rollercoaster that comes with the dramatic swings of parlays. This steadiness often makes single bets the preferred choice for bettors who value consistency and a more disciplined approach. Parlays, however, are great for those who bet casually, adding a layer of fun and excitement to the experience, especially when the stakes are low.
No matter which route you take, tools like those offered by BettorEdge can enhance your strategy. Their no-vig model ensures better odds for both single bets and parlays, giving you more value for your wagers. The platform also features a social feed where you can learn from experienced bettors in real time, and advanced analytics to track your performance across different bet types. Plus, their peer-to-peer marketplace lets you cash out early on winning bets or cut losses on underperforming ones - flexibility you won’t find with traditional sportsbooks.
Ultimately, there’s no one-size-fits-all answer. If you’re betting purely for entertainment and can afford to lose the money, parlays can make the game-watching experience more thrilling. But if you’re serious about building wealth through betting, single bets provide the discipline and control you need for long-term success. Many successful bettors strike a balance - using single bets as their foundation while occasionally dabbling in parlays for a little extra excitement, aligning their approach with their risk tolerance and bankroll management skills.
FAQs
What’s the best way to manage my bankroll when deciding between single bets and parlays?
To keep your bankroll in check, start by allocating a specific percentage of your total funds for each bet - usually somewhere between 1% and 5%. This approach helps reduce the chances of running out of money too quickly while keeping your risks manageable.
When it comes to single bets, sticking to this percentage allows for steady, more predictable wagering with less risk. However, if you're into parlays, which can lead to bigger payouts but carry higher risks, it's smarter to bet smaller amounts. This way, even if things don't go your way, your bankroll stays intact.
The trick is finding the right balance between your betting style, risk tolerance, and long-term goals. By staying disciplined and sticking to these guidelines, you can enjoy the excitement of betting without putting your financial well-being on the line.
What are the best strategies to improve your chances when parlay betting?
To boost your chances with parlay betting, it's smart to stick with smaller parlays that include just 2-3 legs. These are easier to manage and strike a better balance between risk and reward compared to larger parlays. Mixing in both favorites and underdogs can add variety to your bets while keeping the potential payouts attractive.
When it comes to how much to bet, keep it conservative. A good rule of thumb is to wager only a small percentage of your bankroll - usually half a unit or even less. This strategy helps protect your overall funds while you get more comfortable with parlay betting. Over time, as you gain experience and confidence, you can adjust your stakes based on your results. Staying patient and disciplined is essential if you want to succeed with parlays in the long run.
Why do sportsbooks make more profit on parlays compared to single bets?
Sportsbooks make more money from parlays because the odds are adjusted to pay out less than the actual combined probabilities of all the outcomes. On top of that, as bettors add more legs to a parlay, the sportsbook's advantage grows. This happens because the risk for the bettor increases with each additional leg, making parlays far more lucrative for sportsbooks compared to single bets, which usually come with a smaller house edge.
